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Guy Adami: Best Buy Remains Broken Story

Best Buy landed on the trader radar on Tuesday after the retailer said revenue edged up about 1% beating Street expectations helped by growth in China and sales for mobile phones.

But if you think this may be a sign to go long, Fast Money pro Guy Adami says think again.

”I don’t think Best Buy is a good story at all,” he says. Adami thinks gains were nothing more than a short covering rally.

“If you believe in the tape it may have a little more upside but I think it’s a broken story. Not as bad as expected is about the best thing I can say about Best Buy," he adds.

Karen Finerman thinks gains in the stock were largely because expectations were so low. With the stock is trading near a 2 1/2 year low, “Anything other than a terrible miss would have been ok with the Street."



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Trader disclosure: On June 14, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Finerman's Firm Is Short (SPY); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (IWM); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Finerman's Firm And Finerman Own (AAPL); Finerman's Firm Owns (BAC) Leap, Finerman Owns (BAC); Finerman's Firm Owns (FXCB); Finerman's Firm Owns (IBM); Finerman's Firm Owns (JPM), (JPM) Leap; Finerman Owns (JPM); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT)l Adami Owns (NUE); Adami Owns (BTU); Terranova Owns (VRTS); Terranova Owns (IBM); Terranova Owns (FCX); Terranova Owns (CVI); Terranova Owns (F); Terranova Owns (AAPL); Terranova Owns (CAT); Terranova Owns (BX); Terranova Owns (HPQ); Terranova Owns (MA); Terranova Owns (PEP); Terranova Owns (MCD); Terranova Owns (TM); Terranova Owns (DAR); Terranova Owns (BJ); Terranova Owns (XOM); Terranova Is Short (DELL); Weiss Owns (QCOM); Weiss Owns (SWC); Weiss Owns (JPM); Weiss Owns (EMC); Weiss Owns (ETP); Weiss Owns (NS); Weiss Owns (DVN); Weiss Owns (COP); Weiss Owns (HK); Weiss Owns (TWM); Weiss Owns (MRK); Weiss Owns (HAIN); Weiss Owns (TEVA); Weiss Owns (UUP); Weiss Owns (MSFT); Weiss Owns (CMA); Weiss Owns (GLW); Weiss Owns (PZN); Weiss Is Short (FWLT); Weiss Is Short (FLR); Weiss Is Short (SHAW)

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